Home Builder Confidence Highest Level In Nearly 8 Years

The National Association of Home Builders (NAHB) reported Thursday that its Housing Market Index rose three points to a reading of 59 for August. Confidence among builders is likely growing in connection with stronger housing markets and high demand for homes. These conditions are being driven by short supplies of homes for sale in many markets. Builder confidence in current market conditions rose by three points to a reading of 62, while builder confidence in market conditions within the next six months rose by one point to a reading of 68. Confidence in buyer foot traffic was unchanged from July’s reading of 45. Readings above 50 indicate that more builders surveyed view housing market conditions as positive rather than negative; there was some concern that the high builders’ confidence reading could trigger the Fed to announce the tapering of its $85 billion monthly purchase of Treasury securities and mortgage-backed securities. Housing Starts Driven By Apartment Construction H

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